As it becomes increasingly accessible and affordable to consumers, the technology is making it possible for products to quickly reach the market with less labor-intensive production required.

But these benefits are also a cause for concern. As 3D printing allows for the quick and easy copying of products, it is, in turn, presenting fresh challenges for regulators that have yet to adapt to the technology and for companies seeking to protect their intellectual property rights.

Once prohibitively expensive, the technology that makes 3D printing possible has evolved substantially.

Hewlett-Packard in October introduced a 3D printing technology 10 times faster and 10 times more precise than existing technologies. The Multi Jet Fusion 3D printer is set to launch in 2016.

In November, General Electric announced its plans to invest $32 million in developing an additive manufacturing facility in the United States－a factory that operates using 3D printers.

In Asia, XYZprinting, a company backed by Taiwan's electronic manufacturing conglomerate Kinpo Group, launched the world's first allin-one 3D printer with built-in scanner.

The da Vinci 1.0 AiO, weighing around 20 kilograms and resembling a large microwave, is available to buy for $799 through e-commerce websites including Newegg.com and Amazon.

A 3D printer introduced in late 2014 and developed by China Aerospace Science and Industry Corp is due to be mass-produced and available later this year.

Li & Fung, a Hong Kong-based consumer goods design, logistics and distribution company, has in recent years run a series of 3D printing initiatives. In 2013, it carried out Asia's first in-store 3D printing retail experience at a Toys R Us outlet in Hong Kong. Li& Fung has also explored the possibility of teaming up with other companies like Samsung Electronics Co to drive the technology further.

"With nearly 30 years of development, 3D printing technology is already quite mature," says Luo Jun, secretary-general of the World 3D Printing Technology Industry Alliance.

"It has been widely used for design in creative industries and printing teeth or bones in the biomedical field," adds Luo, who is also executive-president of the China 3D Printing Technology Industry Alliance. "Manufacturing and the aerospace industry use it to print complex moldings and components, or customized buildings."